CBDT Circular provides Time Extension for Approval of Fund u/s 80G: ITAT Restores matter to CIT(E)

The CBDT circular provides an extension for the approval of funds under Section 80G of the Income Tax Act. The circular aims to give more time for organizations seeking approval to receive donations eligible for tax exemptions. ITAT has restored the matter to the concerned authorities, advising them to consider the approval requests in a timely manner. This extension is expected to benefit charitable organizations by providing them with additional time to comply with regulatory requirements. The ruling ensures that the tax-exempt status of such organizations remains intact during the approval process.